BDO UNIBANK, Inc. has inked a memorandum of understanding (MoU) with Japan’s Ashikaga Bank, Ltd. (ABL) to support Japanese businesses looking to establish or expand their presence in the Philippines.
“In a significant move, BDO Unibank, Inc. and Japan’s Ashikaga Bank, Ltd., signed a business alliance agreement through a memorandum of understanding (MoU) to foster partnership that enables Japanese companies to thrive in the Philippines’ diverse markets,” the listed Sy-led lender said in a statement on Wednesday.
The MoU was executed on Dec. 23. It “aims to further strengthen the relationship between these two banks as BDO provides banking support services to Japanese business entities who are ABL customers and have existing operations or plan to build or expand their business in the country,” it said.
ABL is the 17th Japanese bank that has partnered with BDO. It is based in Japan’s Tochigi Prefecture and has 134 branches, including satellite offices and commercial banking services.
“Incorporated in 1895 with over 70,000 corporate clients, ABL expects to grow its roster of customers in the Philippines with new investments and business matching deals,” BDO said.
BDO’s Japan Desk was established in 2007 and has Japanese-speaking personnel to help market and service Japanese companies operating in the Philippines as well as cater to the retail needs of Japanese customers.
The bank’s net income rose by 12.47% year on year to P60.62 billion at end-September 2024.
Its shares dropped by P1.50 or 1.04% to close at P142.50 apiece on Wednesday. — AMC Sy
